Daily FiZ – Wednesday 09/10
Economy

Story of the Day:

Airtel Zambia has advised shareholders that the main reason for profit after tax plummeting by 122.14% on a year on year basis was mainly because of the Kwacha’s devaluation during the period under review. The unaudited results published on SENS 30th September 2019 also showed that the company had increased its appetite for debt in the first six months of 2019. Read more

Local Business and Finance

Zambia’s government is planning to start taxing the popular online streaming service, Netflix arguing that the company generates revenue in the country, but does not contribute to its national budget. Read more: Africa News

Vice President Inonge Wina says government will not interfere with the court process involving Konkola Copper Mine in which vendetta has been taken to court. Mrs Wina says government will abide by the laws and will allow the court process to take its course. Read more: ZNBC

The Bank of Zambia – BOZ has welcomed Barclays Bank’s transition to Absa with emphasis that its rebranding should be a reflection of the bank’s renewed strategy for growth, transformation and commitment to deliver unique and quality services to its customers. Read more: Zambian Business Times

Mining firms in Zambia on Monday expressed concern that the government failed to use the 2020 national budget to revise the 2019 mining tax regime despite evidence suggesting that it is reducing tax revenues rather than increasing them. Read more: News Ghana

South Africa’s power utility Eskom says it has not signed any power importation deal with Zesco Limited because bilateral discussions are still ongoing. Read more: Diggers

Government must allow mining companies to import their own power by issuing a required license to help cushion the country’s ongoing power deficit, says the Zambia Chamber of Mines. Read more: Diggers

The Zambia Revenue Authority (ZRA) is having difficulties in collecting taxes from some companies because Government owes them a collective total of K22 billion in Value Added Tax refunds. ZRA Commissioner General Kingsley Chanda said this yesterday when he appeared before the Parliamentary Committee on Expanded Budget. Read more: Zambian Observer

International Business and Finance

The Nairobi Securities Exchange (NSE) is facing another bad year as trading declined for the third straight quarter in the period ending September, new data showed on Tuesday. Read more: News Ghana

The global Blockchain market is expected to grow from US$1.3 Billion in 2017 to US$169.5 Billion by 2025 at a CAGR of 83.8% during the forecast period 2018-2025. Read more: Blockchain News

The new head of the International Monetary Fund has warned that Brexit in whatever form will be “painful”, adding to the effects of a global slowdown. Kristalina Georgieva said the split will hurt not only the UK and European Union, but also low income countries with economic ties to them. IMF data show that growth has already slowed in almost 90% of the world. Read more: BBC News

Even a “relatively benign” no-deal Brexit would push UK debt to its highest since the 1960s, the Institute for Fiscal Studies (IFS) has said. The think tank said borrowing was likely to rise to £100bn and total debt would soar to 90% of national income. Read more: BBC News

U.S. Federal Reserve Chairman Jerome Powell said the central bank will soon increase its purchases of short-term Treasury securities. Read more: Wall Street Journal

Boeing plans to invest $20 million in Virgin Galactic, looking at possibilities beyond the space tourism company’s immediate goal of launching passengers on suborbital flights as early as next year. Read more: Market Watch

Nigerian President Muhammadu Buhari on Tuesday presented a record N10.33 trillion ($33.8 billion) budget proposal for 2020 to the National Assembly. While presenting the budget to the joint session of the upper and lower chambers, the president said the 2020 budget is based on a new VAT rate. Read more: Business Insider

China’s Ministry of Commerce said Tuesday that it “strongly urges” the U.S. to stay clear of the country’s domestic issues, after the White House blacklisted a slew of Chinese companies due to alleged human rights violations against Muslim minorities in China’s far-western region of Xinjiang. Read more: CNBC

Capital Market Report

In 20 trades recorded yesterday, 18,049 shares were transacted, yielding a market turnover of K9,192. Trading activity was recorded in Copperbelt Energy Corporation and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its previous close of 4,397.61 points as there were no price movements. The market remained on a capitalization of K57,109,173,694 including Shoprite Holdings and K22,869,967,714 excluding Shoprite Holdings.

Chart of the Day:

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For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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